(1) Notwithstanding anything contained in section 3, the State Government may, if it is satisfied that an existing Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by notification, that the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings which have vested in the State Government under section 3, shall, instead of continuing to vest in the State Government, vest in that existing Government company either on the date of publication of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
(2) Where the right, title and interest of the Company in relation to its undertakings vest under sub-section (I ) in an existing Government company, on and from the date of such vesting,—
(a) that existing Government company shall be deemed to have become, and shall be deemed to be, the owner in relation to such undertakings. and
(h) the rights and liabilities of the State Government in relation to such undertakings shall be deemed to have become, and shall he deemed to be, the rights and liabilities, respectively, of that existing Government company.
6. (I) For the transfer to, and vesting in, the State Government, under section 3, of the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, there shall he given by the State Government to the Company in cash, as a one-time settlement, a sum of rupees six lakhs and eighty-three thousand within such time as the State Government may by notification specify.
(2) For the avoidance of doubt, it is hereby declared that the liabilities of the Company in relation to the undertakings which have vested in the State Government under section 3, shall be met from the amount referred to in sub-section (I).
(3) Every person having a claim to the amount as aforesaid or any part thereof shall prefer such claim before the Commissioner of Payments appointed under section 7 within such period as the State Government may by notification specify.
Power of state Government to direct vesting of the undertakings of the Company in an existing Government company.
Payment of amount.
7. The State Government shall, for the purpose of disbursing the Appointment amount payable under section 6. by notification, appoint a Commissioner of Com ner of o missi of Payments. Payments.
151 The Sri Sri Lokenath Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1987.
[West Ben. Act Management etc. of the undenakines of the Company.
Duty to deliver possession of the undertakings.
Act to have ovenrcling effect.
Protection of action taken in good faith_ (Sections 8-11.)
8. ( I ) The general superintendence, direction, control and management of the undertakings of the Company, the right, title and interest in relation to which have vested in the State Government under section 3, shall, when a direction has been given by the State Government under sub-section (I) of section 5, vest, on and from the date specified in such direction, in existing Government company specified therein, and thereupon the existing Government company so specified shall be entitled to exercise to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to its undertakings.
(2) Notwithstanding anything contained in sub-section (1), the existing Government company as aforesaid may, on such terms and conditions as it may determine and with the prior approval of the State Government, nominate, for management of the undertakings, any cooperative society registered or deemed to be registered under the West Bengal Co-operative Societies Act, 1983, and thereupon such co-operative society shall carry on the manegement on behalf of the existing Government company in accordance with such regulations as may be made by the State Government in this behalf.
9. (I) Notwithstanding any decree, judgement or order of any court or anything contained in any other law for the time being in force, the Company or any other person, in whose possession or custody or under whose control the undertakings of the Company (which have vested in the State Government or in any existing Government company under this Act) or any part thereof may be, shall deliver possession of the undertakings of the Company or such part thereof as may he in his possession, custody or control to the State Government or the existing Government company, as the case may be.
(2) The State Government or the existing Government company may take. or cause to be taken, all necessary steps for securing the possession of the undertakings which have vested in the State Government or the existing Government company under this Act.
10. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act or in any decree or order of any court, tribunal or other authority.
11. No suit, prosecution or other legal proceeding shall lie against the State Government or any officer of that Government or the existing Government company for anything which is in good faith done or intended to be done under this Act.
West Ben.
Act XLV of
1983.
152 The Sri Sri Lokenath Cotton Mills Limited (Acquisition and Transfer of Undertakings) Act, 1987.
XII of 1987.]
West Ben.
Ord. Ill of
1987.
(Sections 12-14.)